Grab and StraitsX have signed a strategic memorandum of understanding to explore a Web3-enabled payments infrastructure across Asia. The collaboration aims to bring digital asset wallets and a stablecoin settlement network into everyday consumer experiences, anchored by a Web3-connected wallet inside the Grab app and a stablecoin-based payment network for compliant, secure, and efficient clearing and settlement across participating markets.
StraitsX will support the technical development of Web3 Wallets within the Grab platform, enabling custodial and programmable functionalities that underpin payment processing and on-chain settlement. The agreement covers regulatory and technical requirements to provide each participating merchant with a Web3-compatible wallet integrated with existing Web2 rails and Web3 settlement, allowing GrabPay merchants to accept stable coin payments from domestic and international customers while addressing AML/CTF risks.
Subject to regulatory clearance, Grab users may hold and transact with stable coins such as XSGD and XUSD issued by StraitsX, designed for enterprise-grade cross-border settlement. The partners say the Web3-enabled payment layer could reduce fragmentation and costs in Southeast Asia’s payments landscape by delivering real-time, FX-transparent cross-border settlement, with StraitsX officials highlighting the initiative’s potential to improve cross-border retail payments while preserving a familiar user experience.
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